Local Germany Business News Publication Says Blockchain Bond Regulations Coming Yet This Year
Germany Could Work On A Crypto Regulatory Framework Throughout 2019
According to a recent report released by the news outlet Handelsbatt, Germany is planning to introduce new regulations for blockchain bonds and digital assets. European countries still lack a regulatory framework for digital assets and blockchain technology to expand.
Germany Plans Blockchain Regulations
According to the blockchain correspondent for the current ruling coalition, Thomas Heilmann, it is very important for the country to embrace a blockchain supportive regulation. There are just a few countries that have a clear regulatory framework for blockchain technology and are receiving lots of investments from blockchain-related firms.
In general, Germany has been a conservative player in the cryptocurrency market, even when Berlin has attracted a large number of startups and firms dedicated to the crypto space. Now, authorities seem to be more aware of the benefits related to digital assets and to have a clear legal framework for companies to operate.
According to the report, the legal changes will be focusing on the tokenizing process which is currently done on paper. At the same time, they are also trying to solve some of the issues that are currently arising from the weak regulatory landscape.
Frank Schaeffler, the blockchain expert of the German Free Democratic Party, commented:
“The national government has finally woken up. Now things need to moe fast. Crypto issuers and investors are looking for a regulated financial marketplace for their activities which we can present on the international stage. Germany has the change to adopt a key position here.”
Switzerland is one of the countries with a clear regulation for digital assets and virtual currencies. The country is working in order to be able to attract as many investors as possible to help the market expand. Malta has also created very friendly regulations for digital assets and blockchain tech.
The European Union (EU) has yet to implement regulations for the crypto market. However, Mario Draghi, the president of the European Central Bank (ECB), said that central banks in the continent shouldn’t be focusing on regulating virtual currencies but they should focus on taking care of investors.